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won the election on that premise. but speaker boehner he seemses to have forgotten that. >> they must have forgot and then republicans continue to hold the majority in the house. but, you know, the president's idea of a negotiation is, roll over and do what i ask. we need to find common ground and we need to find it quickly. >> speaker boehner claimses he's looking for common ground. but right now he's not even in the right ballpark. his problem is that the political ground has shifted for him and his tea partyiers. joining me now is michelle cottle, washington correspondent for "newsweek "and "the daily beast" and ezra cline who is a policy analyst. thank you both for coming on the show tonight. >> thank you. >> thanks, rev. >> michelle, let me start with you. the president ran on raising taxes on the rich and he won on that premise. why didn't the gop get the message? >> oh, they got the message but this is high posturing season. they have to get in there and be as intransident as they possibly can. the president has said that he wants tax rates for the wealthy on the table. so they
instead. as a republican against president obama in this past electi election. and it's all on tape. this is se lashs almost to the point. we're talking about general petraeus. long-time republican, possible contender, the man who just resigned from running the cia in a sex scandal we still don't understand. here he is on tape talking about how he will have the fox news chairman run his campaign and the owner of fox news will bankroll his campaign and he raises the issue of his wife. there's a certain level of interest in this new tape because of who is on it. beyond that, there's the media factor. here's the fox news channel trying to recruit a presidential candidate for the republican party. the fox news chairman telling bob woodward once he was reporting on this, "i thought the republican field in the primaries needed to be shaken up and petraeus might be a good candidate." he said that on the record. after being caught doing it on tape. which means the fox news channel seriously is not like anything nels news. they officially are just a media arm of the republican party. they ar
years answering the same question. but right after the election, we sent a plan to the president where we gave revenues but looking for spending cuts. and he took three weeks to come back to us. he has gone on still on the campaign trail, still working through. but you have to understand, republicans have not waited to solve this problem and sat back. in the summer, we passed a bill that froze the rates, and passed it. it sat in the senate. we believe we want to solve this problem. we think this is our moment. this is our time. >> is the moment -- does it come down to this, where you would say, look, we'll give you higher marginal tax rates if we get something significant on spending, medicare, in return? >> it doesn't solve the problem. if the president is asking for higher ratings, he is asking for more revenue. most economists agree the best way to get that is through closing special loopholes. and when you close those, it makes a fair tax process. so people invest on the return, not invest based upon what the irs says. >> senator durbin, the opening position, as i sort of gleaned i
taxes than they do right now. the people you elected to get things done simply are not getting it done, not even close. but maybe we should not be surprised, because in a cnn/orc poll taken a few weeks ago, 67% said washington officials would behave like spoiled children in fiscal cliff discussions. only 28% said they would behave like responsible adults. with that in mind, here's what the key players, the grownups, have said in just the past 24 hours. listen. >> the math, it doesn't work. >> his proposal was so outlandish, i don't think we should go back to the table until he puts something there that we can work with. >> we're not going to twist ourselves into contortions to appease a vocal minority. >> what i'm not going to do is to agree to a plan in which we have some revenue that is vague. >> republicans have proven to be willing to be held accountable. democrats have not. >> we look forward to working with the president when he decides to get serious. >> we're looking for solutions and it doesn't seem at least from the president's proposal that he is at all serious about finding
be over playing their hand, that, yes, they won the election, not a land slide, doing what george bush did when he was re-elected, the social security thing, just over played his hand. >> well, i don't think so because don't forget, the public polls, which for lack of a better barometer, what we all look at, people blame republicans more than democrats. neil: recession ensues, it's on everybody. >> exactly right, but barack obama doesn't have to run again. very cognizant of the fact. i'm not, you know, i'm not the grim reaper about this. believe we are going to get deal. it's going to be a bad deal because nobody will be happy. the purpose of this is to have pain inflighted on everyone, nobody gets 100%. we'll have tax hikes asell. neil: why i featured the union comi out, is it makes it tough. it's obviously union playing their hands arguing, and they could make a compelling case for this that they helped barack obama get re-elected. brought out the base much more than the republicans did, and theyey could take credit for th. they are more or less saying in this ad, i think, my opinion, yo
it by going to electoral war with his own party leadership. in the 2012 midterm elections demint threw his weight behind marco rubio in the republican primary for florida's senate race. despite the fact that the national republican senatorial committee and republican leader mitch mcconnell endorsed charlie crist in that race. marco rubio went on to win that primary and that senate seat. demint also backed rand paul in his primary. that was a fight, by the way, that took place in mcconnell's home state of kentucky and mcconnell endorsed the other guy. the not rand paul. but paul won. he won his senate race in kentucky which was deeply humiliating for mitch mcconnell. but demint has also backed a lot of candidates who won their primaries but did not go on to win their general elections. like christine "i am not a witch" o'donnell if you remember her. demint backed the not a witch candidate and she lost big time. he backed todd aiken of the legitimate rape comments and mourdock of the other rape comments. the reason jim demint isn't in the majority today is because of jim demint. but jim demi
on medicare by 12 points in the last election, even though they lost the election overall by three points. in fact, john boehner's cageyness about saying what he actually wants to do is par for the course in this debate. that is actually the norm for the politics of medicare. and the reason is a deep contradiction at the heart of our national conversation on the issue. medicare is massively, overwhelmingly popular. it is very successful. which mean people in the country, voters everywhere, love medicare and do not want it to be cut. and wonks in washington, d.c. spend their time trying to figure out how to cut medicare. both democrat and republican. and with this very thorny contradiction in mind, politicians and think tank analysts and the like have developed a whole secondary-coated language to talk about medicare. so premium support instead of privatizing medicare, and structural medicare reform instead of raising the eligibility age. now, remember the context for all this. this is important. remember that phrase we first started hearing at the start of the health reform debate, which
the election based on that explicit proposal. >> and the house from their election -- the house won their election to stop him. the house also won, lanny. >> 535 congressional districts, most of which have little opposition, exain capture be cao voting for president. >> they did not vote to give him a rubber stamp. >> to go back to your question, 98% tax cut. by the way, john kennedy cut taxes to bracket about twice where we are today, so it's really apples and oranges, but ronald reagan is responsible for the greatest tax increase in american history, and joined with tip o'neill in raising taxes on social security in order to make it solvent. let's not talk about ronald reagan as being anti-taxes. >> your facts are off. patrick j. buchanan was in that white house. the the rates went from 70 to 28% during his presidency, true or false, sir. >> true. it went from 70 and then it went down to 50 and then it went to 28%. i was there on the plane when we got word that we had a deal to cut to 28% and i said take it. let me add one point, sean. i was looking over my editorials from 1962 ju
as dependency on government grows and they like you dependent on them. usually after an election there is a period where good governing can occur, but not with this president. this has become a never ending campaign 24/7 of dividing america. if you're critical of susan rice for giving the nation false advise on libya, yo you are a racest and you hate women. the first step in saving america is to recognize that the greedy and selfish people live in washington, and if americans finally see the simple truth, we can save america for future generations. joining me now with his thoughts is fox news contributor and, of course, syndicated columnist charles krauthammer. why is it we never hear about greedy washington politicians? >> well because as you say, people define greed as sort of the a private quality. the idea that you're spending other people's money is considered norma noble and comps nat. that's how you define compassionate conservetism in the bush years. you come up with programs in africa or the prescription drug benefit. that's a demonstration of compassion. it's actually a
democrats operating like they don't have to compromise on spending or taxes. >> elections have consequences. the president campaigned, made it very clear. made very clear thathe was supporting tax cuts for the middle-class, that he wanted the expiration of the tax cuts for the high end. >> very little progress among the inside player so far, the president plans to keep pressuring republicans from the outside. meeting with the nation's governors on tuesday and then addressing the business roundtable on wednesday. lou: thank you. ed henry, fox news chief white house correspondent. joining me now, a pulitzer prize-nning journalist, campaign strategists, former reagan political director of, veteran democrac campaign strategists. we thank you all for being here. let's tun, if i may, to you. this is an impasse, a stal i'm going to be the one who raises taxes, but you're going to be the ones to cut medicare. if u want cuts in entitlements, but the mob. i'm not going to do bothfor you. lou: here is a thought. that is, the obama white house has made a rare mistake, miscalculation. they have incentiv
seen anything like it seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. lou: the speaker, an absence of actual conversation or anything resembling negotiations sent a letter to the president with the republican counteroffer which included $800 billion in new revenue through tax reform, closing loopholes and deductions instead of raising rates. 1 trillion in spending cuts to including health care reforms such as raising the medicare retirement age and limiting the cost of living adjustments for social security recipient. meanwhile, a brand new poll dismisses the president's claims of a mandate to raise taxes. a survey of 800 obama voters split right down the metal on the political ppll on how they want obama to cut the deficit. 41 percent responded in favor of spending cuts. 41 percent of respondents saying they favor tax increases. the white house says it will offer a counterproposal to house speaker proposal. saying that unless he accepts tax increases on the rich the president is willing to go over the cliff. l
? >> because of this estrangement, i'm told, is back to the presidential election when clinton struck a deal with obama. in the deal, clinton said he'd give the nominating speech and go out and campaign for obama, but in return, he wanted a couple things from the president. first, clinton wanted to be a allowed to name the next chairman of the democratic national committee to have effective control of the party apparatus and all the money that goes with that. lou: that's a big gift. >> well, he did a big deal for obama. lou: right. >> secondly, he wanted obama to agree that he would back hillary if she runs for president in 2016, and that was a verbal commitment he believed he had from barack obama. shortly after the election, according, again, to my sources, clinton sent obama a list of five names from which he could choose the next chairman of the democratic national convention. lou: a list from clinton to the president? >> all his guys, or in some cases, his women. lou: do you know who's on the list? >> i don't know the names on the list, but the people on the list, i'm told, were complet
will of the declining influence, they did influence the outcome of this election and i think that they're certainly trying to leverage off of tt since the election. >> well, they-- that was one of many, many, many factors. >> absolutely. >> and after the election and the fact is, as we all agree, the private sector union is a dying animal and that they only can survive if they can thoroughly control the public sector and this is just another example of their ow, painful death. >> on that upbeat note. i want you to look at this. the parent company of red lobster, filing a fight for e president's health care law, not becse of the actual law, becauset criticized the law. the gang from forbes is going to explain the top of the hour, up next, did any of you see this? oh!oh! >> apparently theseuys just found o that they could get fine for eating while dving. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the mercedes-benz you've always wished for, now for an exceptional pri
tax rates and he was elected based on his tax the rich policy. he says that america is poised to take off and if it doesn't, it's the republicans fault. listen. >> you have the u.s. chamber of commerce hardly an arm of my administration or the democratic party. i think, said the other day, we can't be going through another debt crisis, a debt ceiling crisis like we did in 2011. that has to be dealt with. so, i think businesses are going to be ready to hire. we're seeing pretty strong consumer confidence despite weaknesses in europe and even in asia. i think america is poised to take off. stuart: well, the republicans are set to respond today when speaker boehner goes in front of the cameras. will he show signs of retreat or any sign of compromise? remember, the president wants higher tax rates. will john boehner try to move the line that the president has drawn? we will have it for you live here on "varney & company" starting around ten o'clock eastern. then we have darden restaurants, the parent of olive garden, red lobster. it says its businesses could be hurt by bad publicity. dard
. the post-election year itself is the worst year of the cycle. even research put out recently still shows there is an issue there. i look back to the secular bear market of '66 to '82 period. four election year exits in six at this sate, '72, '76 and 80 where we had significant bear market the following year. i think we're in a similar situation. nothing ever repeats exactly but i think there is rhyming going on. david: milton friedman says there is no such thing as a free lunch but there is on wall street. tell us about the free lunch and how it might affect investing. >> this catches attending on the friedman comment but there's a small cap effect, john effect which we found starts in mid-december. most of that move for the small caps happens last two weeks of december. what we found over the year stocks making new 52-week lows around mid-december or we moved it up to triple-witching day, a lot of volatility. and call through some of the stocks and pull out really bizarre ones and trim down, anything that is not a common stock preferred, new issues, that sort of thing. this is averaged
this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover norquist pledge which says you cannot tax that 2% more than anybody else. you can't increase the taxes. so we're at a stalemate and someone has to give and i don't see anyone giving right now. >> bank of america today commented on the let's jump crowd. the bungee jump crowd for which they think is a scenario. >> you wonder how much of that is in negotiating position. embraced early on by senator schumer, new york state's senior senator. we'll see. you know, there are those who believe if you want deficit reduction and are serious about it, we have one way to get there and it's called the fiscal cliff and will send us into recession but we may get deficit reduction but others believe we won't get spending cuts that we need. more will take place in defense which many argue does need to happen perhaps though not in the same way it does.
they give millions of dollars too every year in election campaigns. melissa: but you still said tax breaks. that is their money that they're hanging on to. it is not money they're getting back from congress. it is their money!. >> it is money that everyone else has to pay. you know, they get special tax break for, for instance if they want to make a project internationally, they have a special government-backed loan program at the u.s. export-import bank. last year that program alone provided $10.4 billion in fossil fuels. melissa: can i ask you would be be better like my children and wont out like the navy and spent $26 a gallon on biofuels or like the air force which is spending $59 a gallon. would that be better for my children if we were all doing that? i don't like the navy and air force doing that. i think that is bad for my children's future because it runs up the debt and deficit. >> the best thing for my children's future. i have two boys. one 10 years and one ten months and i'm worried about climate change and their future. we need to stop encouraging the industries that are caus
that is traditionally work in this country. there are members of congress who got elected because, in fact, the tea party activists across the country were involved in the election. the tea partiers and outsiders -- i would remind john boehner that there was a time when he was the outsider that was an annoyance to the party leadership. i understand the speaker being annoyed when he has people within his caucus that are committed to a set of principles that they make it hard for him to make easy deals. but i would also remind him that people are not going to forsake their principles for something thats as insignificant and their life as a committee assignment remark that is right. >> if he thinks this is a party discipline, he is sadly mistaken. he often knows that from his own experience as a younger time in his service in congress. charles: representative, it has been set from the beginning that the tea pay not only poses an incredible threat to the senate democrats, but to establish republicans. now, representative john boehner opportunity to mitigate what they have in washington. >> well, i thin
looked at him and said you can't be serious. i never seen like it we have 7 weeks before election day andepped of the year. three of those weeks are wasted with this nonsense. >> y are talking about roughly. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if you have an answer for that. and the reason they are asking for this stuff. this is the way negotiations work when you win the presidency. you are walking around with your chest puffed up. this week, nothing will happen. until you cum come up right to the cliff. >> brian: this president is making a mockery of negotiations. he offered a initial trike with under 30 days until the cliff happens . sos the unserious attemp
of the election. issues like entitlement reform and new revenue, but he's going to have to do something big. there's been a four-year course of he doesn't get along with either party, doesn't make the kind of effort you're talking about. i don't think there's any doubt he's going to, particularly john boehner, find some human interconnection moment that says we're doing this. and that's when the tough part starts. because once there's a leader deal, getting it through the house, whatever the terms of it is going to be super hard. >> i was with a group of businessmen last night, and their question was, why don't the people in washington do what we do when there's an important decision that comes up? why don't they get into a room and hammer it out, get some food, drinks, whether it's a couple days, get them helicopters, and go to camp david. you get in a room together -- >> the president -- the president doesn't like doing that. he's not comfortable doing that. and jon meacham, that is not the opinion of a pundit, that is a matter of historical record for his first four years. is it not? >> that's
, will there have to ha a gimmick? the president won the election and if it pushed over, blame the republicans? >> well, brenda, i think there will be a gimmick and that's unfortunately the way that washington works these days, larry had a phrase, he said meaningful spending difficulties. we know that there's not going to be any meaningful spending cuts, there's not going to be meaningful spending cuts three weeks from now, it's not going to be there three years from now. let's at least get over the psychological hurdle of the fiscal cliff. move on, and put some bandaid together and then hopefully, the next group in there, minus obama, starts to cure this four years from now, because nothing's goingo happen in the next four years good. but maybe we get through the fiscal cliff, but then another fiscal cliff comes, that's the whole point of this. >> in fact, and there was a proposal this week to try it get rid of the fiscal cliffs and no longer give congress full power to extend the debt. but i think, i'll tell you what, i'm kind of curious to see the other guys, i think we're going over the fi
, didn't detroit already get a bailout. >> yes, it was called t auto bailo. and before the election, unformer. two admistrations that did that. everyone wts a bailout and the president's going to get your votes one way or the other. question is coming up more broadly, right now new jersey and an other of states getting a huge one because it s a cast catastrophe. >> and if it's beyond your control and-- >> the case is we voted for you, we get a bailout. >> and on the other side, detroit is in a multi-decade collapse that is beyond the scope, it's almost lik a hurricane. and i'm not saying it's totally insane for nem to get a disproportionate amount-- >> gary b, you le in maryland, should you and maryland be paying for what detroit or michigan is deciding to do with unions and pensns and how they got themselves in this mess in the first place? >> exactly, brenda. i kind of agree with jonas. i'm not sure i'd be so quick bail out cities with national catastrophes. they decided to live there and build there. but jonas it right, a lot of cities like detroit are avily unionized. they inves
. i think it is baked into the cake it is the result of election and elections have consequences. but on the wealthy i think the rates go up but with the latest proposal, why see enough to adhere to what was the debt commission in cuts, is too little too late, but, too little, more to the point. >>guest: it is too little. what really has to happen here, you are not going to get a good answer in the next two years. you have the groups going at it and they are not going to get it. we have do wait-and-see what happens in 2014 and there are 33 senate seats up, the democrats have 20, the republicans have 13, there are thine freshman democratic senators, see what happens. if it happened that way in 2010, if we take the senate, obama will then see the light. if you hold his feet to the fire they will feel the heat and see the light. i hope that is how it happens. >>neil: we will see what happens. do you see these? they will ruin your christmas all because unions are not budging and this stuff keeps happening, the "ship" is really going to hit the fan. [ male announcer ] kids grow up in
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back in march. >> after my election, i have more flexibility. >> i understand. i just need permission -- lou: a full report on the disturbing turn of events in syria and the likely price of russian cooperation on syria. another middle east dictator, egyptian leader, morsi, with a concession to the opponents inviting them to hold talks on the crisis. is that enough to appease protesters who plan larger demonstrations tomorrow? we'll be talking with fox news middle east expert while ferris in washington institute fellow eric trager, and president obama back on the campaign trail continuing to successfully dress up his ultimatum on higher taxes as a republican decision rather than his own declaration. his staff organized a sit-down with a middle class family today in virginia claiming congress is to blame p they fail to yield to his ultimatum. why is the mainstream liberal media ignoring the reality it's the president's ultimatum driving us to the fiscal cliff? chris and senior writer for the weekly standard, steven hayes the guests here tonight. we begin with the dictator trying to main
campaign. we need to have serious negotiations. we need our leaders, and the president was elected by the people. he needs to sit down now and the leader along with our leader, the speaker, and talk seriously about these plans. gerri: small business, big business. the governor's. who is left for the president to talk to? >> well, we also found that the president was out at various businesses encouraging the electric ted send it to it's about what he wants. and that is not the way that you get a negotiation going, by talking about this and the public as he has. he needs to sit down with the leaders of the house and the senate and he needs to be the leader on this. we are not seeing it here, and it's very, very discouraging. gerri: o what you to respond to what nancy pelosi had to say about hostage-taking today. pretty dramatic comments. this is nancy pelosi. >> the republicans are saying that rather than passing that they want to hold it hostage, giving an additional tax cut to people making over $250,000 a year. that is not negotiating. that is hostage-taking. gerri: how would you
, and it is not happening. neil: one thing -- you and i might disagree -- but i think that elections do have consequences, the american people since seem to support they want to stick it to the rich, i do not agree with that i think that hoops that republicans are going through to find an alternative to raising raters on clinton era rates. it could get so ca complicated d get worse. when you talk mortgages and charities and everything else. why not raise rates on rich, fight for a simp her tax system that -- simpler tax system that might provide lower taxes down the road. >> well we need to demand concessis on spending. neil: we're not getting them. >> that is the point, so putting up taxes is not a way of getting concessions in the future. neil: from the get go they put up that 800 billion figure. >> a starting point, the problem is that, as you know, not only will the democrats want more in taxes, but they have in place, with this horrible dea that was done a year and a half ago with debt sealing that gives deal -- there is a deal in place. and it recalls that fiscal cliff, but the deal of made a year
. neil: no, i think we have discussed this elections and i know we set againstaising taxes but,f that is the consequence of election for a presidt w campaigned hikin on the back of the rich, i don't like it but, to fold. >> this is a hypocrisy level, thee say this is the right thing too, but who gets crushed on the higher taxes? small businesses. i don't care what anyone said, presidentaid that 97% o small businesses do not get hit by this, that is if youount the guy int mows your lawn all by himself, and consultants, but those who are hiring -- >> i don blame the presint at all,o ram it down the people's throat. >> we need though -- -- >> myear is that wall stree acquiesce it kws we'll have far reaching problem. >>of course, like money managers all of a sudden, they e the king, they are self preservation is sad. neil: what are they afraid of? >> they want to keep their money, they want to be the mack daddy. we neehe cut and flash s.w.a.t. team,,cutting across the board. >> that is an interesting question, what are they afraid of. theresident has a good hand th do not believe-
? >> well, i think when we get st it is when we make sure that the elected officials know that the people they need are not the big public employee union leaders who constantly try to flex their muscle or the big corporation leaders. it is the people who sent them to represent them. and we get past this when elected officials sit down and start listening to the people who work in schools, the kids come in the other people in their district. they are just not doingthat. as a result, there is no question why we are seeing small business suffer and why we are, again, for the second year in a row, the sme of the country where he should be. >> earlier this week about the california -- real estate seem to be percolating, things were coming together. is that not so? >> it's not so. we represent around 20,000 members of small business here. 350,000 nationwide. across the nation, but the best content especially here in california. no hope or certainty. that optimism continues to plummet. so we are finding the mom-and-pop stores -- especially during the holiday season -- with a lack of will. it's a
taxes as part of obamacare. >> here is what speaker boehner said on taxes. >> the day after the election, i the cameras and made clear that republicans were willing to ut revenue on the table if there were serious spenddng cuts and reforms put in place. we've talked about them. the president and the white house have had three weeks and this is the best we've got? >> so, it's all taxes and all raising taxes, no worries, there are serious proposal or even talk about reforming entitlesments, talks have gone nowhere, we're weeks from january 1st the fiscal cliff deadline. at least we're not stuck on the road to moscow. take a look at video out of russia, thousands of drivers in sub zero temperatures, little food or help for days. it's a one mile long traffic jam. heavy snow in moscow caused a stand still and links with the second biggest city, no, in november, december in russia? who would have thought? the issue of gun control took center stage during the half time show of a football game last night. and listen to what bob costas said in response it a murder-suicide over a kansas city play
. >> an election is coming along and people made their choice. policy makers still have a duty to choose between ideas that work and those that don't. when one economic after another failed our working families, it is no answer to express compassion for them or create more government programs that offer promise and don't perform . we must come together and advance new strategies. our complicated and uncertain tax code is hindering the jobs. you can't open a business if your tax rate is too high or uncertain. i personally oppose the president's plan to raise taxes. [applause] listen, this is not about a pledge. it is not about protecting millionaires and billionaires. for me it is the fact that tax increases he wants would fail to make a small dent in the debt but it would hurt the middle class business and people who work for them. >> gretchen: this is what the campaign was about . people are sick i and tired of hearing the same talking points . people want to see actual tax reform. get the job done and the kick the can down the road is what we have done for the last four years. will president o
they would want to sell it. >> revenues light as well. they are claiming not only the election, not only the cliff, but broad economic concern, traffic levels coming down on this. >> this is a very well run company that has missed and made and beaten, you can see the chart, missed, made, missed, made. this is not for strond. nordstrom. >> this week on twitter, they realize people are done playing with fake money they want to go to real money. >> they're looking for a gaming license. and i'm going to ask all of you, will this be the conversation, senator, if you would like, my final offer is this, this is zynga talking to garry. will that be a discussion between pinkas and the senator from nevada? >> you're hoping. >> that's the godfather ii, verbatim. that's what they need. zynga needs that gaming license. he needs a fee to be paid by the senator personally in order to make the quarter. david fiction, reality? >> your hope is that, exactly. >> senator geary. >> reality mirrors fiction. >> i think fiction is much better than reality because it's rational. is there a plaque, is there nick
. do you remember what it was? >> yes. the day before the election, the general election, it was $250 million. >> greta: million? >> uh-huh. keep in mind, the state budget is only 5.6 billion, so the day before the general election we were having it reported as $250 million. the day after the election it came $450 million. >> greta: what happened in those 24 or 48 hours? >> certainly the administration that was in place was not being truthful with the public, and so the day after i certainly was informed that the deficit was much bigger. >> greta: how does that happen? weren't the figures public? i mean, i assume that people were following and reporting on governor richardson as a steward of the economy here. >> no. that was not what was happening. when was coming out -- what was coming out of the governor's office were figures that were not being honest with the people. >> greta: you must have just about fallen over when you saw the number jump in a period of 24 or 48 hours. >> absolutely. it was a number that i knew we had to deal with. i knew we had to deal with $2 50 million. i gu
, the profitability, the stock price and all that. an elected official has to let his or her constituency know that they're on the case and can only do that publicly. going behind closed doors doesn't show them they're making the case their constituents want to have made. >> you're probably better off negotiating a deal, coming out with strong terms, and taking it to the board. in this case, it would be like the party kau scaucuses. then selling it to your shareholders, in this case the electorate. i think you're better off coming out with a firm deal first. all the specifics get consumed by politics and egos and messaging. the substance gets lost. >> but the problem is, you know -- i don't know. i have a problem, you know, comparing this to an mna transaction. this is a deal that needs to happen for the economy to move forward. yeah, maybe an mna transaction giv gives growth to one company and makes profitability better. this is a lot more important than doing an mna transaction. this is about people's lives. frankly, people want answers. i think the time for hiding everything under a rock is
his post-election advantage to win tax increases on the wealthy and to eliminate the houses debt ceiling leveraged. joining us now from washington d.c., peter wallace, former reagan white house counsel, former member of the financial crisis inquiry commission. a senior fellow at the american enterprise institute. good to have you here. you believe they're going over the cliff. >> i think their is a real danger of this. one can see a path for obaaa that does not look so terrible if we do go over the cliff. all of the taxes go up, but the democrats have an opportunity to introduce legislation to reduce the taxes for 98 percent of the people leaving the wealthier people, i guess you could call them wealthy, the top two percentage to stay at the high rates. it is possible to do this. lou: it is possible, but i have to ask you, surely the republicans have to understand and had to understand six months ago what what transpired in this lame duck session of congress? what this president would press forward to. the fiscal cliff, the result of sequestration and agreements between the two p
for the first time since the election at 49%. i think it tells you something. maybe american people are looking at this and it looks a whole lot like campaigning to me. it is like the election never happen. we are still campaigning on the campaign trail. today in pennsylvania, talking about what needs to be done. shouldn't he be in the wite house hosting the negotiations himself instead of sending his foot soldier, timothy geithner, the fellow who put together the biggest bailout in american history? talking about someone who is going to be good at negotiating on our taxpayer dollars. i would think that timothy geithner s not the man we met i would agree with you. this is actually shocking. i'm going to say that the president won, no contest there. can we get past the campaigning? are really just shows a lack of seriousness. gerri: all right. i would like you to hear eric cantor today. everyone is reacting to the president's plan. here's what he had to say. remap when he won his reelection, we won our reelection. this is not a game. gerri: it was only a matter of time before somebody said rope
the election. >> i think once, you were out that day, but great to see you stuart. how have you been? >> i'm recovering from the election. >> glad to hear it. what i'm seeing with the dividends, charitable contributions speeding up. people are trying to avoid the tax increases they know are going to hit them next year, the rich avoiding the tax on the rich policy, isn't it? >> well, who can blame them, right? this is a classic example of unintended consequences, when you start talking about raising taxes, people take action to reduce their liability. that's human nature, that's common sense. on this, on the stories you cite, stuart. two quick comments, number one, you can be pretty certain, dividends and capital gains will be taxed higher because of that 3.8 sur tax because of obamacare, that you can count on. second story, charitable contributions that's not ascertain as the 3.8% sur tax. >> i don't think we're going to see any restriction on the mortgage interest deduction. i don't predict that's going to happen. only 27% of people claim the mortgage interest deduction is a relatively sm
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